Escambia County: Oil and Gas Funds.

In addition to any other authority granted pursuant to the Constitution or otherwise authorized by law, the trustees of the Escambia County Oil and Gas Severance Trust may loan all or any part of the funds on deposit in the trust fund to Escambia County, and the Escambia County Commission may borrow the funds from the trust fund and shall be required to expend all funds borrowed solely for the purpose of economic and industrial development in Escambia County or for the construction, maintenance, or repair of roads and bridges or other capital projects within Escambia County. Any loan by the trust fund shall be a general obligation of Escambia County, the repayment of which shall be made in equal semi-annual installments of principal and interest over a term not to exceed 15 years from the date of the loan, at a rate of interest equal to one percent more than the published market rate payable on 10-year term U.S. Treasury Notes prevailing on the date of the loan. In addition, the trustees may invest the trust funds in other investments as otherwise provided by local law and any prior local law authorizing the investment of trust funds is ratified and confirmed.